3D Systems Reports First Quarter 2016 Financial Results
- Revenue of $152.6 million and gross profit margin of 50.8%
- Generated $18.1 million of cash from operations
- CEO Joshi focused on developing strategic plan
ROCK HILL, South Carolina – May 5, 2016 - 3D Systems Corporation (NYSE: DDD) announced today its financial results for the first quarter ended March 31, 2016.
For the first quarter of 2016, the company reported revenue of $152.6 million, a decrease of 5% from the prior year period. Excluding the contribution of consumer products and services that the company no longer sells, revenue decreased 2% year-over-year. The company reported a GAAP loss of $0.16 per share and non-GAAP earnings of $0.05 per share.
Gross profit margin for the first quarter of 2016 was 50.8%, an improvement of 170 basis points compared to the first quarter of 2015, driven primarily by the company’s shift away from consumer products.
For the first quarter of 2016, total operating expenses for the quarter decreased $2.2 million from the first quarter of 2015 to $94.3 million, including flat SG&A expenses of $74.0 million and a 9% decrease in R&D expenses to $20.3 million.
The company reported a first quarter GAAP net loss of $17.8 million, or a $0.16 loss per share. The company reported non-GAAP income of $5.2 million, or $0.05 earnings per share.
The company generated $18.1 million of cash from operations during the quarter and had $169.8 million of cash on hand at the end of March.
“I’ve spent the past month listening to and learning from customers, partners and employees,” commented Vyomesh Joshi (VJ), Chief Executive Officer, 3D Systems. “I will be focusing on improving quality, reliability and supply chain. The next phase for us is to develop a strategy to drive profitable growth with operational excellence and an appropriate cost structure.”
“I am excited to lead this company and believe we have a tremendous market opportunity,” concluded Joshi.
Q1 2016 Conference Call and Webcast
The recorded webcast will be available beginning approximately two hours after the live presentation at www.3dsystems.com/investor.
About 3D Systems
3D Systems provides comprehensive 3D products and services, including 3D printers, print materials, on demand manufacturing services and digital design tools. Its ecosystem supports advanced applications from the product design shop to the factory floor to the operating room. 3D Systems’ precision healthcare capabilities include simulation, Virtual Surgical Planning, and printing of medical and dental devices as well as patient-specific surgical instruments. As the originator of 3D printing and a shaper of future 3D solutions, 3D Systems has spent its 30 year history enabling professionals and companies to optimize their designs, transform their workflows, bring innovative products to market and drive new business models.
More information on the company is available at www.3dsystems.com